Manufacturers shut plants, markets drop as virus spreads.
Catch up on the developing stories making headlines.worldwide surpassed 200,000 for the first time Wednesday and the damage being seeded in the global economy is growing more clear. Furloughs and job cuts, from dog walkers, to oilfield workers, have begun. Governments around the world are pushing drastic countermeasures to help workers, particularly those who live paycheck to paycheck.
MARKETS: U.S. futures fell hard enough before the opening bell Wednesday that trading was halted, then the Dow tumbled more than 1,000 points at the opening bell. A barrel of crude can be had for less than $25. The last time crude traded at similar levels was May 2003. Long-term government bonds, considered among the safest of places to park money, were discarded. So was gold, despite a U.S. rescue package that could approach $1 trillion.
On Tuesday night Detroit’s three automakers agreed to rotating temporary production suspensions to better clean factories and leave more time between shifts. The move held off a demand from the United Auto Workers for a two-week U.S. production shutdown. WANDER LOST: States and cities that depend heavily on tourism are capitulating, for now. The governor ofencouraged everyone to postpone vacations there for at least the next 30 days. The governor of Nevada ordered all casinos to close for the month. Major casinos have already ceased operations on the Las Vegas Strip,.
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